THE CANADIAN PRESS/Nathan Denette
TORONTO — Hudson's Bay Co. says it is cutting 2,000 jobs, including some it says were previously announced in February.
The retail giant says the layoffs are intended to save $350 million annually once the plan is fully implemented by end of fiscal 2018.
The company says the savings are required to help offset various challenges it's facing within the retail sector, which has been beset by store closures with the advent of online shopping.
The announcement came as HBC released its first-quarter earnings, which showed a net loss of $221 million, more than double the $97 million loss it had in the same period last year.
Founded in 1670, HBC is the oldest company in North America.
It has more than 480 stores and employs more than 66,000 people.